How Much Do Medical Coders Make in 2015?
Because of the high demand for coders, wages for new medical coders grow year after year. The latest reports from the Bureau of Labor Statistics shows that, on average, a medical coder makes $16.42 an hour for an annual salary of $34,160, with variations based on location.
The top 10 percent of all certified U.S. medical coders earned over $55,170 per year, according to May 2011 data from the U.S. Bureau of Labor Statistics. These technicians convert doctors' diagnoses and procedures into specific codes. They are responsible for pulling patients' records when needed, and serving as liaisons between health facilities and billing offices, while the bottom ten percent made slightly more than $22,000.
For a job that does not require a college degree, medical coding is one of the better options available. On average a person with only a high school education will earn around $600 a week, usually in jobs that have little to no job security and few benefits. Medical coders not only make more money on average, but they work in a professional office setting with generous benefits packages, especially if they work for a large health clinic or hospital. Over time, because of advancement opportunities within an office or by moving to a larger location, salaries earned by medical coders dwarf those of other non-college graduates. Source: http://centuracollege.edu/blog/how-much-does-medical-billing-and-coding-specialist-make/
Medical Coding Jobs
How Much Do Medical Coders Make in 2015 Working From Home?
Based on the type of work setting, the average hourly rate and annual salary for medical coders are as follows:
- Medical coders employed at home healthcare services earn an average hourly wage and yearly salary of about $17.04 and $35,440 respectively;
- Those employed at offices of physicians earn around $15.04 and $31,290 respectively;
- Those employed at nursing care facilities earn about $16.86 and $35,060;
- Those employed at pharmaceutical and medicine manufacturing facilities earn about $31.76 and $66,060;
- Those employed at insurance and employee benefit funds earn about $24.92 and $51,840;
- Those employed at scientific research and development services earn about $23.11 and $48,060;
- Those employed at outpatient care centers earn around $16.77 and $34,890; and
- Those working at specialty hospitals typically receive $19.33 and $40,210 respectively.
Medical coder salary is indeed one of the highest in healthcare administration. Source: http://www.healthcare-salaries.com/administration/medical-coder-salary
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Medical Coder Education and Training
Employers usually prefer hiring medical coders who are certified. Therefore, most of them get certified before starting their jobs. Many of these medical workers may also have associates' degrees in health information technology. While in college or certified training programs, they take medical coding courses in anatomy, physiology, classification and coding, and health care statistics, according to the BLS. Source: http://work.chron.com/much-money-certified-medical-coder-make-11766.html
Related Article: Medical Coding — Do You Have What It Takes?
How Much Does a Medical Coder Make with Certification and Experience?
Medical records and health information technicians can find entry-level jobs without formal certification or training by having work experience that demonstrates their proficiency in carrying out this highly detailed work. However, there are opportunities for advancement with job-specific training, education, and professional certification.
While a high school diploma or GED is a basic requirement for medical billing and coding jobs, those who have completed a two-year associate’s degree earn, on average, $1.00 more per hour than those without an associate’s degree. Medical records and health information technicians who obtain further certification can make as much as $4.00 more per hour than their colleagues.
Because of the data-rich subtleties associated with medical billing and coding, technicians who stick with their jobs and accrue experience enjoy higher salaries. Those with ten or more years of experience can earn a medical coding salary of $40,000 a year.
A combination of certification, on-the-job experience, and aptitude can lead to supervisory and leadership positions within records departments. You’ll also enjoy more flexibility in the workplace and mobility within the industry, where your skills will be marketable in a hospital, doctor’s office, insurance company, or health information research setting. Within health organizations, coders who demonstrate fluency and expertise find opportunities to advance as registrars, who check claims for accuracy and manage databases. Source: http://www.medicalbillingandcodingonline.com/salary/
Related Article: Four Ways to Earn More Money as a Medical Coder